FOR the 20th time this year, Dangote Petroleum Refinery has reduced the price of petrol for Nigerians. This time, he has cut the gantry price of petrol, also known as the premium motor spirit (PMS), from N828 to N699 per litre, marking a N129 per litre reduction.

Data published on Petroleumprice.ng on Friday indicated that there was a downward review by the giant petroleum refinery by N129 per litre or a 16 percent per litre.

The Punch and The Cable quoted an official of the refinery, who spoke on the condition of anonymity, as confirming the adjustment.

He said, “The refinery has reduced petrol gantry price to N699 per litre,” The Punch quoted the official as saying. The new price took effect on December 11, 2025.

Dangote woos investors

On Thursday, President of Dangote Group, Mr Aliko Dangote, lured investors to his refinery’s imminent Initial Public Offer (IPO) in 2026, urging them to buy shares of his company in naira and earn dividends in dollars, Economy Post had reported.

Mr Dangote had disclosed that his refinery was collaborating with the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC) to conclude the framework ahead of the 2026 IPO.

“You buy in naira, but you get dividends in dollars,” Mr Dangote said.

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He noted that the payouts, which would be in dollars, would be fuelled by $6.4 billion in anticipated revenue from exports of polypropylene and fertiliser. Hence, he expects to have enough dollars for investors from export of the two vital products.

He said Dangote Group was projecting a revenue of $100 billion by 2030, from the current $18 billion.

Mr Dangote said the expansion would place the Group, targeting $200 billion capitalisation, among the world’s 100 largest companies, noting that its revenue had jumped from $3.3 billion to $18 billion over the past five years,

Earnings before interest, tax, depreciation and amortisation, on the other hand, had increased from $1.8 billion to $2.8 billion over the same period, he said.

He revealed that 10 percent stake in the refinery and petrochemicals complex would be offered to the public through the NGX, stressing the possibility of an international listing next year, though, according to him, Nigeria remained his main priority market.

“We want the Dangote Refinery to be the golden stock of the NGX,” he said.

In October 2025, Africa’s richest man had revealed that the refinery and petrochemical complex would list on the NGX by 2026, allowing Nigerians to put their money directly in the nation’s most ambitious industrial project.

“We want Nigerians to own part of this refinery. It should belong to the people whose oil it refines.”

READ ALSO: Dangote says fuel queues are gone for good in Nigeria, West Africa

Mr Dangote further said, “For the first time in decades, Nigerians can approach the festive season without fuel scarcity. We’ve had stable prices and consistent quality since production began.”

Last month, he had also disclosed that he had begun expanding his refinery in Lagos from 650,000 barrels per day (bpd) to 1.4 million bpd, targeting to establish the largest refinery in the world ever built at a single site in 2028.

Mr Dangote said the expansion reflected his group’s belief in Africa’s potential and its commitment to building energy independence for the continent.

“We are expanding the Dangote Refinery from 650,000 barrels per day to 1.4 million barrels per day. When completed, this will be the largest refinery ever built at a single site, surpassing India’s Jamnagar refinery,” he said.

The Jamnagar refinery, owned by Reliance Industries, is located in Gujarat, India. It was commissioned in July 1999 with a capacity of 668,000 barrels per day. The refinery now has a capability of 1.240 million barrels per day, making it the largest refinery in the world, according to Sterling Thermal Technology.

Mr Dangote wants to exceed the capacity of Jamnagar refinery and plans to complete the expansion within three years. He said the construction would tap existing infrastructure such as ports, land, and logistics systems established during the refinery’s first phase.